President Obama: An agreement is within sight

December 31, 2012

Speaking earlier, President Obama gave an update on efforts to prevent taxes going up for middle class families.

Today it appears that an agreement to prevent this New Year's tax hike is within sight, but it's not done. There are still issues left to resolve, but we're hopeful that Congress can get it done. But it's not done.

And so part of the reason that I wanted to speak to all of you here today is to make sure that we emphasize to Congress and that members of both parties understand that all across America, this is a pressing concern on people's minds.

Now, the potential agreement that’s being talked about would not only make sure that taxes don’t go up on middle-class families, it also would extend tax credits for families with children. It would extend our tuition tax credit that’s helped millions of families pay for college. It would extend tax credits for clean energy companies that are creating jobs and reducing our dependence on foreign oil. It would extend unemployment insurance to 2 million Americans who are out there still actively looking for a job. ...

For now, our most immediate priority is to stop taxes going up for middle-class families, starting tomorrow. I think that is a modest goal that we can accomplish. Democrats and Republicans in Congress have to get this done, but they’re not there yet. They are close, but they’re not there yet. And one thing we can count on with respect to this Congress is that if there’s even one second left before you have to do what you're supposed to do—they will use that last second.